Matsa Resources (ASX:MAT) is estimating a maiden ore reserve of 309,000 tonnes at 4.59 grams per tonne for 46,000 ounces of gold for its Devon Pit gold mine.

The company has progressed a pre-feasibility study on the project, which is a part of the wider Lake Carey project in Western Australia’s northeastern goldfields, focused on developing a high-grade open pit mine whose final product will be gold doré.

Part of this process, the company has long said, will involve the transportation of ore to a regional third-party processing facility.

Matsa has also completed optimisations and pit design at Devon Pit, based on a gold price of A$3,500-ounce, while its pre-feasibility work so far has indicated a production target of 309,000 tonnes at 5.02g/t for 50,000 ounces (with this including 4,000 ounces of inferred resources).

Additionally, the company anticipates that with major infrastructure already set down, the capex for this project will be low, with further simplicity offered through the completion of permitting – including approvals for a mining proposal, water licences, works permit and mine closure plan.

“A maiden reserve of 46,000 ounces at the Devon Pit Gold Mine and the robust pre-feasibility economics are a testament to the grade and quality of the project,” Executive chairman Paul Poli said, adding the Devin Pit work was “tracking nicely.”

“We look forward to pushing ahead with completion of the final elements of the feasibility study with a view to commencing mining as soon as we can.

“This is a great milestone for both Matsa and Devon and another step closer to getting mining underway at Devon. We are confident our discussions with contractors, processing operators and financiers are nearing completion and we expect to be on the ground at Devon in the first quarter of 2025.”

Matsa shares have been trading at 3.7 cents.

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